The first spreadsheet below shows that as of December 2019, the General Fund had revenue over expenditures in the amount of 1,614,278. For the
December 2018 period, the net gain was 2,158,775. This equates to a decrease of 534,497 from the prior year. The spreadsheet also shows a recap of the variances between the major categories for the two years. There are some adjustments to these numbers that will explain the differences.
As reflected below, for December 31, 2019 the total tax revenue for the General Fund increased by 181,915 or 1 .3 from the prior year. Property tax
collections were lower in fiscal year 2020 with 93.5 of all current property taxes that were billed collected by year-end. At December 31, 2018, 94.2 of all current property taxes were collected and at December 31, 2017, 92.9 of the property taxes were collected.
The omitted property tax is received from the State of Kentucky for property that was not listed for taxation by the property owners. The amount
varies from year to year and is difficult to budget. As you can see below, we received a smaller payment in the first half of this fiscal year compared to the prior year. The franchise taxes were down 29,308 or 8.4 . We are monitoring this tax and feel it is just a timing issue with one or two entities being slow on their payments.
The insurance premium tax saw a nice increase from the prior year with collections up 117,202 or 4.5 . Net of refunds and rebates, the payroll/net
profit tax collections were down 75,000 or 2.3 from the prior year. The prior year included 46,236 in fees paid by the County to administer their tax program. With that adjustment, occupational taxes were still down 28,764. The bank deposit tax was up: 5,846 or 3.7 .
The chart below reflects the payroll tax receipts for the past four fiscal years. The trailing twelve-month payroll tax collections were 6,272,301
which is an improvement of 8,113 from the 6,264J88 reported over the same time last year. The Kentucky Office of Employment and Training estimated that the unemployment rate for Henderson County increased slightly from 3.5 in December 2018 to 3.7 in December 2019. It was also estimated that the number of employed increased by 32 over the same time period.